– UAE, Dubai – tabby, the UAE-founded Buy Now Pay Later provider has raised a $23 million Series A financing round in debt and equity led by Arbor Ventures and Mubadala Capital, with participation from STV, Raed Ventures, Global Founders Capital, JIMCO, Global Ventures, Venture Souq, Outliers VC, MSA Capital, HOF and AB Accelerator.
This funding will fuel the company’s next stage of growth, helping tabby scale its product and engineering capabilities in addition to its lending capacity, further benefiting its merchant partners and consumers.
This round of financing comes after tabby announced a partnership with Visa and joined the Saudi Arabian Central Bank’s regulatory sandbox.
Founded in 2019, tabby partners with retailers to offer their customers online or in-store the ability to defer paying for their purchases for up to 30 days or to pay in four equal monthly installments at zero cost to the consumer. Today, tabby’s customers can use its service across more than 500 integrated merchants across the UAE and Saudi Arabia, including global brands like IKEA, Toys R Us, and Ace Hardware and regional retail giants including Al Futtaim Group, Landmark Group, and Apparel Group.
“BNPL solutions are booming globally thanks to accelerated payments digitisation and e-commerce penetration, and the Middle East is no exception. tabby’s solution fits squarely within our thesis that fintech solutions will drive better experiences for merchants and consumers. We are excited to partner with Hosam and his team as they build tabby into a regional fintech leader,” said Ibrahim Ajami, Head of Ventures at Mubadala.
“The shift to online retail has never been more evident, and with it, consumers are becoming ever more demanding as they actively seek convenience and reliability in their shopping experience. And this includes how they pay for their purchases. We’re very proud of the value we’ve been able to bring our retail partners by providing their customers with an exceptionally convenient and flexible way to pay,” said Hosam Arab, co-founder, and CEO of tabby.
tabby provides consumers across the UAE and Saudi Arabia with the flexibility to pay for their online and offline purchases either in a deferred single payment or in multiple installments. Our mission is to empower consumers to buy what they want, when they want it while staying in control of their finances.
For more information: https://tabby.ai/
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